HOOK (dpa-AFX) - Serco Group Plc (SRP.L) announced that the arrangements for the next pricing period regarding the Atomic Weapons Establishment, or AWE, contract have been successfully concluded.
The agreement has been reached with the UK Ministry of Defence, or MOD, by Serco and its joint venture partners Lockheed Martin and Jacobs Engineering Group Inc. with whom Serco manages and operate AWE on behalf of the MOD.
Serco said its share of revenue is expected to remain around 300 million pounds a year and about 1.5 billion pounds will be added to its order book. The new arrangements will take effect from April 1, 2013 and run through to March 31, 2018. The earnings and margin rate in the initial years will be similar to those achieved in the initial years of the current pricing period, the company added.
Christopher Hyman, chief executive of Serco, commented, 'Working closely with the Ministry of Defence and our joint venture partners, we are delivering a critical component of national security and providing leading scientific research as well as delivering value for money for the taxpayer.'
Copyright RTT News/dpa-AFX
© 2012 AFX News
